Pump & Dump Scams On Bittrex. BEWARE!
Please UPVOTE & RESTEEM, So Everyone can See This Post About The Pump&Dump Scam Groups. (Telegram Screenshot Below)
A Friend was scammed today. He is new to crypto and Naive enough to fall into This "Pump Scam" on Bittrex Exchange.
How The Scam Works:
- So, These people (Scammers) lure you into a Telegram App. Then They Keep Bragging how they pumped coins in past &
How They will announce the new coin that will be Pumped.
(Ofcource there is no way to verify this, Because the comments are disabled in Group - Only Admin can Post)
They encourage you to participate in Pump on Bittrex Exchange - Promising 1000-2000% Returns (Inducing Greed).
Fake Screenshots are added in Group. Admin Posts screenshots of - People saying they will Jump on the Coin instantly (Creating Urgency)
Finally On a Given Day, Time - a Coin is announced.
People Jump on it and buy it blindly, without verifying coin's history & past prices (Due to Greed & Sense of Urgency) - so a Coin that may cost a few cents, is actually sold of upto $50Then the victim realized, There is no pump. They've been CONNED into Buying The Scam Coin for 50x The Price.
This is Partly Victim's fault, low of newbies around. (So the admin of such pump groups sold you a Shitcoin for 50 Times it's price, because there were no trades... and the High Asks on BIttrex were done by the Admin Itself)
Help me expose this SCAM. The Next Victim Could Be YOU!
UPVOTE, RESTEEM & FOLLOW - To Help Me Expose This Scam.......
Everyone who is in that group gets scammed by the owner of the Telegram group!
Sorry but anyone who puts in a bid at 50x the going price of a coin deserves to be scammed. You should be able to figure out anyone telling you to pay 50x is probably going to scam you.
No One Deserves to be Scammed.
Sadly I got scammed too because of greed.. =( Have resteemed this..
It's hard to understand your English so I could be wrong in saying this but this is not how the scam works. The scam works by the admin having a paid group and an unpaid group. The paid group gets the news first on which coin to pump and they buy at the market rate and that rate rises as they buy. Then they stop and allow others who see the upward move to buy and the price rises some more. Then at some point the paid group (the people in the know) start dumping the coin at this higher rate. By the time the unpaid telegram or facebook group hears about the pump the pump is already over and they buy in sometimes for one last tiny surge but more likely they buy in on a downward trajectory. If you get scammed like this you should A. consider it a learning opportunity B. hold the coin and place a sell order at the price you bought it for and wait because in this bull market it will likely come back C. come to terms with the fact that you just tried to scam innocent buyers of this coin and instead got scammed yourself.